Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1887-12-10

~'f@''t' ~ tao auppo&itI0u tHtt Inc sottH-
tary OF the treasury may enter the market
and purchase the bonds Of the government
not yet due at rate of premium to be
agreed upon. Ths only provision of Law
from which such power could be derived
Is found IN an appropriation bill passed =
number Of years ago; and IL l. subject TO
the suspicion that n was intended as tenn
porary and limited In its application instead
OF comforting continuing discretion and
authority. No condition ought to exist
which would justify the grant of power to
single official, upon his Judgment OF Its
necessity, to withhold from or release 60 the
business OF the peopls, in an unusual man
ner, money held In TIE treasury and thus
affect at his will the financial situation of
the country; and II IL Is deemed wise TO
lodge in the secretary Of the treasury the
authority in the present juncture TO pur-
chase bonds, 1t should be plainly vested aud
provided as far as possible with such checks
and limitations as will define this officials
right and discretion and at the same time
relieve him from undue responsibility.
In considering the question Of purchasing
bonds as a means Of restoring circulation the
surplus money Accomplishing in the treasury,
it should be borne in mfild that premiums
must OF course be paid upon such purchase,
that there may bs largo part of these bonds
held as Investment which cannot be pur-
chased at any price, and that combinations
among holders who are willing to sell, may
unreasonably enchancs the cost Of such
bonds to the government.
1t has been suggested that the present
bonded debt might be refunded &C less rate
of interest, and the difference between the
old and new security paid in cash, thus find
ing use for the surplus in the treasury. The
success Of this plau it is apparent, must de-
pend upon the volition of the holders OF the
present bonds; and it is not entirely certain
that tho inducement which must be offered
them would result in more financial benefit
to the government than the purchase Of the
bonds, while tho latter proposition would re-
duce the principle Of the debt by actual pay
ment instead Of extending it.
The proposition to deposit the money held
by the government in banks Throughout the
country-for use by the people, is, it seems to
me, exceedingly Objectionable in principle,
as establishing too close relationship be-
tween the operations OF the government
treasury and the business of the country,
and too extensive a commingling of their
money, thus fostering an unnatural reliance
in private business upon public funds. II
this scheme should be adopted it should
only be done as q temporary sxpaiient to
meet an urgent necessity. Legislative and
xecutiye effort should generally be in the
apostle direction, aud should have ton
ency to divorce rs much and as fast az can
4ssaly be done, the treasury department
from private enterprise. OF course it il
| not expected that unnecessary and extrava-
| CANT appropriations will be made for the
purpose of avoiding the accumulation OF
any excess of revenue Such expenditure.
| besides the Generalization of all just con-
| ceptions of public duty which 1t entails,
| stimulates habit Of reckless improvidence
| not in the least consistent with tho mission
| OF our people on the high and benehcent
purposes of our goveSument shall deem
| { my duty to thus bring to the knowledge
| Of my countrymsn, as we'll as to the atten-
| ION of their representatives charged with
the responsibility of legislative relief, the
| gravity of our financial situation. The
failure of the congress heretofore to pro-
vide against the dangers which it was quite
| evident the very nature of the difficulty
must necessarily produce, caused condi-
| ion of financial distress and apprehension
siuce your last adjournment, which taxed
20 the utmost all thu authority and exps-
| Lent within executive control; and these
| a5rsar now to be exhausted. Ii disaster re-
| suits from the continued ilaction of con-
| yress, the responsibility must rest where il
! Delongs
Though the situation thus far considered
/ Is fraugnt with danger. which should b,
| M nsrh ntz foo.
| lures Of wrong to the people, as well a.
| peril to the country, it is but a result grow
ing out of perfectly palpable and appar
i ent cause, constantly reproducing uhe same
alarming Giro lnstances--a congsstsd Ma
tional treasury and depleted monetary
condition in the business of the country.
aesd hardly be stated that while the presen
situation demands remedy, we can only
De saved from a like predicament in TIN
future, by the mreoval OF its cause. Our
scheme of taxation by means OF which thi
needless surplus is taken from the publ,
treasury, consists of tariff or duty levied
upon importons from abroad and interna
taxes lived on the consutnp tion of tobacco
and spirltuous aud malt liquors.
It must be conceded that none of TIL
things subjected to internal revenue taxa
lion are, sbIlctiy npoahiHs, hoScsodf los
there appears to be no just complaint o
this taxation by the. consumers of thes
articles, and there seerns to be nothing 8
we'll able to bear the burden without hard
ship to any portion Of the people. But oul
present tariff laws, the vicious, inequitabl
and illogical source of unnecessary taxa
ton, ought to be at once revised an,
amended These laws as their primary an,
plain effect, raise the price to consumers o
all articles imported and subject to duty
by precisely the sum paid for such duties
Thus the amount Of the duty measures til
tax paid by those who purchase for us
these imported articles. Many of thes
things, however are raised or manufacture
in our own country, and the duties no,
levied upon foreign goods and products ar,
called protection to these home manufac
turers, because they render it possible 70
those Of our people who are manufacturer
to make these taxed articles aud sell them
for price equal to that demanded for CHI
imported goods that have pe.i custom
duty.
so il happens that while comparatively
few use the imported articles millions {
of our people who use and pever saw any {
the foreign products, purchase and us
things of the same kind made in this cour
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